Business Directories

BKIC posts H1 profits of $6.1 million

Manama, August 10, 2010

Bahrain Kuwait Insurance Company (BKIC) yesterday announced that it posted a net profit of BD2.3 million ($6.1 million) in the first half of this year.

This comprises 83 per cent underwriting profit and 17pc net income from investments in the first half.

That compared to BD2.6 million for the same period last year.

The company registered a gross premium revenue of BD18.8 million which amounted to a slight increase of 2.3pc compared to BD18.4 million for the same period in 2009.

Despite the good results in operations, investment income dropped by 44pc as compared to last year, due to the decline in the regional and global financial markets and decrease in interest rates.

The firm's net profit for the three-month period ended on June 30 amounted to BD1.012 million, compared to BD1.058 million for the same period last year.

Earnings per share decreased to 36 fils as of end of the first half against 40 fils last time.

The market capitalisation of the company has increased by 32 per cent from BD33 million to BD43.7 million in the same period last year.

'This growth reflects the confidence of clients in the financial market as also the financial strength and good reputation of the company,' BKIC chief executive Ebrahim Al Rayes said.

'The successes achieved by the company are the result of teamwork and commitment to the application of technical standards and providing good service and meet the diverse needs of customers.

'It is worth mentioning that Bahrain Kuwait Insurance Company is the largest general insurance company in Bahrain in terms of the gross premium revenue as well as net profit,' Al Rayes added. – TradeArabia News Service